Tony Elumelu calls for increased oil production to boost the economy

In a speech to Nigeria's oil industry leaders, Tony Elumelu, Chairman of Heirs Holdings, United Bank for Africa (UBA) and Transcorp Group, made a passionate appeal for increased oil production to finance economic diversification, industrialisation and infrastructure development in Nigeria. Stressing the crucial importance of oil revenues, he advocated a strategy centred on energy security as a lever for stability and growth for the country.

"We need oil money to diversify Nigeria. These revenues are essential to develop our country", said Elumelu, insisting on the pivotal role of the oil sector despite global pressure for an energy transition. For him, African priorities differ from global agendas: "Our focus must be on energy security. He called for massive investment in oil and gas to support industries, boost businesses and improve access to electricity, all of which are essential pillars of a robust economy.

Under the administration of President Bola Tinubu, the Nigerian oil sector has made a significant recovery, rising from less than one million barrels per day (bpd) under the previous government to 1.8 million bpd at present. "We are pleased with this progress," admitted Elumelu, before adding: "But we are not satisfied. We need to aim for more than two million barrels per day, and eventually reach 2.5 to 2.7 million bpd to fully exploit our economic potential."

In his view, this ambition is not just a question of volume, but a strategic necessity. Increased production would generate greater foreign exchange earnings, strengthen the naira and consolidate national security. These financial resources would make it possible to finance large-scale projects, particularly in industrialisation and infrastructure, with a particular focus on power generation and the development of the manufacturing sector.

Elumelu also highlighted the current constraints holding back the Nigerian energy sector, citing the example of Transcorp Power. With a capacity of 2,000 megawatts - the largest in the country - this subsidiary of Transcorp Group suffers from gas shortages, limiting its output. "By increasing gas production alongside crude oil, we could supply our industries at full capacity", he explained. Such synergy would not only strengthen the energy sector, but also unlock the economic potential of Nigeria as a whole.

In the face of all the talk of a global energy transition, Tony Elumelu is proposing a pragmatic approach tailored to African realities. "Oil and gas remain essential drivers of our development", he insisted, while linking this strategy to broader diversification objectives. For him, oil revenues are not an end in themselves, but a means of building a more resilient and industrialised economy.

This stance comes at a time when Nigeria is seeking to consolidate its position as one of Africa's major oil producers, while meeting the growing needs of its population and economy. With this ambitious roadmap, Tony Elumelu is positioning himself as an advocate of economic growth rooted in the intelligent exploitation of national resources, a message that could resonate well beyond Nigeria's borders.